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Old 05-01-2018, 02:01 PM
 
230 posts, read 69,468 times
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There is a home my partner and I like. Itís in the low 300s. We planned to offer 5-6% less than listed and they pay closing. We are in no rush and would have to upgrade to the tune of 20k to get what we like. Last home in the area sold for high 200s and everything else valued higher has more bathrooms and bedrooms. Based on what the sellers paid, I think they may lose 5-10k after all is said and done.

Itís been on the market 90 days and has been reduced. We are not putting any money down. The owners seem very emotionally invested. Itís not a sellers market. Not sure what the house is worth. Would my offer be low ball? What would be a reasonable price to pay if the house is worth more than asking?

We already have financing, so theoretically if the house passes inspection and is worth the price, we should have no issues.
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Old 05-01-2018, 02:04 PM
 
Location: El paso,tx
1,487 posts, read 572,187 times
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Have an agent run comps so you can see what similar homes are selling for. If its overpriced, you may still be overpaying. If its priced below mkt, then you are lowballing.
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Old 05-01-2018, 02:09 PM
 
230 posts, read 69,468 times
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I do think it will appraise for more than asking, but no one is buying and seller is anxious to sell. The last house on the block that sold was high 200s. We are getting comps pulled.
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Old 05-01-2018, 02:12 PM
 
167 posts, read 72,514 times
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Quote:
Originally Posted by Newtohartfordct View Post
There is a home my partner and I like. Itís in the low 300s. We planned to offer 5-6% less than listed and they pay closing. We are in no rush and would have to upgrade to the tune of 20k to get what we like. Last home in the area sold for high 200s and everything else valued higher has more bathrooms and bedrooms. Based on what the sellers paid, I think they may lose 5-10k after all is said and done.

Itís been on the market 90 days and has been reduced. We are not putting any money down. The owners seem very emotionally invested. Itís not a sellers market. Not sure what the house is worth. Would my offer be low ball? What would be a reasonable price to pay if the house is worth more than asking?

We already have financing, so theoretically if the house passes inspection and is worth the price, we should have no issues.
Bolded doesn't line up. Did you mean less than?

As for the rest of this:

1. It's pretty obvious they're likely overpriced. What's the average DOM there?

2. Identical BR/BA comps are what?
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Old 05-01-2018, 02:27 PM
 
Location: Rochester, WA
3,827 posts, read 2,047,976 times
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Some buyers need to make a few of these lowball offers before they find the house they are actually willing to pay market price for. Do it if you need to, it will be a good learning experience.

Asking for a reduction AND for seller to pay closing costs? You probably wouldn't get that here... not at 90 days. Most sellers who are hoping for a too-high price (if it is) haven't given up that early.

They may counter it, they may ignore it. They may take it. It just depends on their circumstance, and many other variables we can't see from here. Hard for us to predict.

Good luck to you though!
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Old 05-01-2018, 02:35 PM
 
230 posts, read 69,468 times
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You’re right, the question doesn’t make sense. Since even if it does appraise for more than list, we don’t want to pay what’s listed.

Not sure what the average is, since the properties priced well probably sell. Some of the properties online have been there years. Last house on the block with same bedrooms and bath sold for 292, it looked older and not as well kept though. Other houses listed within a few miles are larger and have more bedrooms and bathrooms. This property doesn’t have central air, and the home that sold for 292 does, but is about 200 sq smaller. We saw it about a month ago and when we brought up price, seller want to tour with us and make the case for value, we declined.
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Old 05-01-2018, 02:54 PM
 
230 posts, read 69,468 times
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Quote:
Originally Posted by Diana Holbrook View Post
Some buyers need to make a few of these lowball offers before they find the house they are actually willing to pay market price for. Do it if you need to, it will be a good learning experience.

Asking for a reduction AND for seller to pay closing costs? You probably wouldn't get that here... not at 90 days. Most sellers who are hoping for a too-high price (if it is) haven't given up that early.

They may counter it, they may ignore it. They may take it. It just depends on their circumstance, and many other variables we can't see from here. Hard for us to predict.

Good luck to you though!
My sister in law bought a home in Washington, close to Seattle, that sold for 33% more 22 months later. I am not located it that kind of area. Is closing and 5-6% less than asking lowball? If itís a a buyerís market?
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Old 05-01-2018, 03:05 PM
 
167 posts, read 72,514 times
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Quote:
Originally Posted by Newtohartfordct View Post
My sister in law bought a home in Washington, close to Seattle, that sold for 33% more 22 months later. I am not located it that kind of area. Is closing and 5-6% less than asking lowball? If itís a a buyerís market?
That may not be a total lowball, but it could be an extreme lowball offer... every market is different.

Assuming closing costs of around 7K, you could be asking for 7-8% off list. Might not be totally insane.
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Old 05-01-2018, 03:05 PM
 
Location: Rochester, WA
3,827 posts, read 2,047,976 times
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Quote:
Originally Posted by Newtohartfordct View Post
My sister in law bought a home in Washington, close to Seattle, that sold for 33% more 22 months later. I am not located it that kind of area. Is closing and 5-6% less than asking lowball? If itís a a buyerís market?
"Lowball" is fairly subjective term. It is a low offer compared to the list priceÖ Whether it's a fairoffer depends on many things! :-)
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Old 05-01-2018, 03:07 PM
 
Location: Rochester, WA
3,827 posts, read 2,047,976 times
Reputation: 10552
Quote:
Originally Posted by Newtohartfordct View Post
My sister in law bought a home in Washington, close to Seattle, that sold for 33% more 22 months later. I am not located it that kind of area. Is closing and 5-6% less than asking lowball? If it’s a a buyer’s market?
"Lowball" is fairly subjective term. It is a low offer compared to the list price… Whether it's an attractive offer... or a fair offer depends on many things! :-)
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